The Dallas Mortgage Assistance Program (MAP) is a great resource for potential homeowners looking to purchase a property in the city of Dallas. The program, established by the City of Dallas, provides financial assistance to qualified individuals and families who need help paying their mortgage. It is designed to help those who are struggling to make ends meet and may be at risk of losing their home.
The MAP program is open to all qualified Dallas homeowners who are current on their mortgage payments and are facing a financial hardship. The program offers up to $50,000 in assistance to eligible homeowners. Homeowners may use the funds for a variety of purposes, including mortgage payments, closing costs, and repairs. In order to apply for the program, homeowners must meet certain eligibility criteria. These criteria include having a household income of 80% or less than the area median income, having a mortgage balance that is equal to or less than the current appraised value of the property, and having a satisfactory credit history.
Once a homeowner has been approved for the program, they will receive a payment plan that outlines the terms of their loan. This plan may include a reduced interest rate, a modified payment plan, or a combination of both. Homeowners will also have access to counseling services and other resources to help them stay on track with their payments and avoid foreclosure.
The MAP program is a great resource for those looking to purchase and maintain a property in Dallas. It provides much-needed financial relief to those in need and helps keep the Dallas housing market strong. If you are a homeowner in the city of Dallas and are facing financial hardships, consider applying for the MAP program today.